Financial Planning is more than just investments; it is examining all the aspects of what we do with our money, how we pay down debt, build wealth and protect what we build. Also, it is planning for what happens to those assets we have gathered, with respect to estate planning and deciding to where and whom these assets flow.
Financial planning must be discussed at many levels but mostly like this: first, we need to summarize where we are today, identify goals realistically, examining potential problem areas, design a plan, then implement that plan and finally review the plan regularly. We are always only looking at a snapshot in time, so must adjust often and in a timely fashion.
Lorne Amos is a professional financial planner, focusing on investment planning, estate planning, and various insurances, made available through his partnership with York Financial Services Inc., in Fredericton, New Brunswick.